Entrepreneurship in the 21st Century: Navigating the Path to Success

Introduction

The simple definition of an entrepreneur is a creator. However, it takes a lot more to become a successful one. Entrepreneurship first appeared in the French dictionary in 1723, derived from the word “Entreprenerd” meaning “to pursue undertake opportunities”. Further on by the sixteenth century the concept had developed and transitioned, more specifically referring to someone who undertakes a business venture. To fulfil the task given, this essay about entrepreneurship will be analysing and evaluating the key competencies of an entrepreneur, also regarding further potential business ideas. There are various qualities and characteristics a successful entrepreneur should have. This report aims to provide an insight into the requirements and criteria for obtaining successful entrepreneurship. It will become evident what the stages for an entrepreneur leading to an established business consists of.

Entrepreneurs help drive change with prospects for innovative ideas where products and services are new ad improved. Opportunities deriving from various factors. Societal conditions such as perception, awareness, population, political views all consequently contributing to the ability to improve standards of living and generating wealth for entrepreneurs, related businesses, and new markets.

Creating a career aligning with one's values is an inspiring and profoundly motivating reason for becoming an entrepreneur. The benefits are endless and can present a particular entrepreneur lifestyle, another leading reason for one to want to become an entrepreneur for themselves. It rises the opportunity to make a change in society, a positive impact on people's lives at large which most entrepreneurs are commonly driven from. Also, the ability to build a greater self-confidence through working independently, being your own boss, making your own decisions, a fully flexible schedule, choosing who to work with etc.

Often the term entrepreneurship will be associated with the term enterprise, which is often discussing an innovation within an already established business. The term for this is “Intrapreneurship”. This is a process which allows entrepreneurship within a pre-existing organisation, meaning entrepreneurship from within. Which is where entrepreneurial enterprise is originated. The point of this is to enhance an existing enterprise by constantly responding to opportunities for growth and business ideas relevant to evolving issues as time goes on, similar to “Entrepreneurship”.

• Entrepreneurship: Creativity, organisation, development, manifestation are all words to describe entrepreneurship. It is the strive and desire to innovate and operate a new organisation. The task of creating and managing a new business venture taking account all possible risk factors to gain a profit. Entrepreneurship is key to economic development and society.
• Intrapreneurship: A system that allows workers in a built organisation to carry out a role similar to that of an entrepreneur. Innovative thinkers with self-motivated mindsets who take on the initiative to pursue new ventures. Working for an organisation that is already established means intrapreneurs have less personal costs in the case of any failures as the enterprise is liable for any loss. Intrapreneurs aim to aid the business rather than only themselves, innovating new ideas within the business to better serve the business and its new market. Interpreting how the company needs to improve or evolve further to stay ahead. This could be through resolving issues such as rising costs, decreasing productivity, and increasing goods and services.

Entrepreneur

Often defined as a person who aspires to innovate. In simple terms an entrepreneur is anyone who launches and continues to run their own company. A single individual with the talent to innovate, the skills to creates a new idea for a business venture, and the willingness manage and operate on their own. They can take on risks to start up a successful for-profit business. They have the means to develop an enterprise around their innovation. Often entrepreneurs can develop fresh ideas within the market by improving existing products with new innovations.

To continue the topic about successful entrepreneurs essay it's needed to mention that they are thinkers with self-motivated mindsets who take on the initiative to pursue new ventures. Working for an organisation that is already established means intrapreneurs have fewer personal costs in the case of any failures as the enterprise is liable for any loss. Intrapreneurs aim to aid the business rather than only themselves, innovating new ideas within the business to better serve the business and its new market. Interpreting how the company needs to improve or evolve further to stay ahead. This could be through resolving issues such as rising costs, decreasing productivity, and increasing goods and services.

• Skills of Entrepreneurs: Entrepreneurs share a common list of characteristics that can helps identify the way entrepreneurs work. Patterns can help distinguish what is needed to take on such a role. Also, whether they are traits to gain or if some people are just born with the ability to become entrepreneurs. Many well-established entrepreneurs who have been successful show numerous similarities.
• Business Management skills: Running a successful organisation or business often requires entrepreneurs to rely on their business skills. Developing skills within business management includes enhancing your multitasking capabilities, making decisions, assigning tasks, delegating duties, and making the best choices regarding the company's interest and profitability.
• Leadership, management, and Teamwork: Operating independently but also part of a team will effectively develop one's entrepreneurial skills. To be a successful entrepreneur one should know how to conduct leadership roles. Business owners commonly serve both roles as a manager and a team member, acting as both means strong communication and focus will help inspire and drive your employees.
• Problem solving critical thinking skills: There are various aspects of building a business or brand that can require critical thinking, making difficult decisions and finding the best solutions to a problem is expected from an entrepreneur. Successful entrepreneurs tend to be exceptional at creative thinking which helps evaluate strategic plans and approaches to help achieve and improve their business goals.
• Skills of customer service: Developing effective customer service skills is an essential attribute regardless of what industry or business venture you take on. Cultivating skills of customer care can assist when engaging with potential clienteles. To ensure a brand is delivering its best, customer service can help a business to connect with its customer base effectively and open the opportunity for collaboration and partnerships to create the goods and services most suitable for their market needs.
• Networking and marketing skills: Entrepreneurs are constantly spending time working towards the growth of their brand. They may spend most of their time networking and marketing with various business owners and professionals to promote themselves. This skill is a crucial part of turning a brand into a successful business. The ability to implement marketing and branding strategies can help launch an entrepreneurship.
• Communication and listening skills: Being able to communicate ideas is also an essential part of being an entrepreneur, improving effective communication can help promote a brand and broaden its reach. For example, clear communication through advertising methods, content marketing or social media. Developing talking skills can help collaborate with potential partners. An entrepreneur will take constructive feedback by actively listening to others, whether it be customers or at meetings, and translating them to promote their brand.

Attributes of an Entrepreneur

The most successful and well-established entrepreneurs often show an extent of passion for their brand. Passion is what drives them to take on the risks that come with entrepreneurship, which can get tricky. However, they strive on and make the sacrifices necessary whether it is giving up time with friends and family or missing out on trips and holidays for the bigger picture. Loving what they do helps devote their energy and time in their projects.

Focus is a form of discipline; entrepreneurs often fall from their own attempts at trying to do too much rather than focusing on what is more important. Many entrepreneurs carry the mindset that anything they put their mind to is achievable. This anything is possible mindset is where a lack of discipline derives from. A successful entrepreneur should know how to adopt a focused, time affective and strategic approach to prioritise needs over wants.

The start of entrepreneurship is the evolution of an idea. Opportunities can come through various forms; entrepreneurs seize opportunities where they can find innovative ways to do things and bring solutions where it is needed.

Tools and Stages for Evaluating a New Business Idea

“A great and a practical idea is the only thing on which the development of your business will depend” (Graeme Donnelly). For a new business idea to be successful one must consider various factors.

• Funds and Finance: Knowing where the funds to launch the business will come from. There are several options to consider depending on one's availabilities. This could be either considering a business loan, private investments from effective network and marketing skills or personal support through family and friends. Choosing the best option to suit the businesses needs is most viable.
• USP: A new business idea can succeed or fail often due to its unique selling point (USP). This can be the most important part to consider as it is what makes a brand stand out from any similar businesses or competitors. For example, Russel Hobbs, a specialist retailer who created a mobile vacuum. This gives them a unique selling point that differentiates them from other vacuum retailers.
• SWOT: SWOT stands for strengths, weaknesses, opportunities, and threats. This tool is an analysis technique often used by business owners to assess certain aspects of their brand. This tool aims to bring out the internal and external values of a company. Strengths and weaknesses are internal aspects of a company one can have control over and make changes to. For example, its employees or marketing techniques.

Opportunities and threats are the external aspects of the company that are less easy to control. They tend to be factors contributing from outside the company i.e., the larger market. Though they cannot be changed, they can be taken advantage of to seize opportunities or shield against potential threats. For example, competition, rising costs, trends, or opinions. By gathering the right people, brainstorming ideas, and exercising votes through an organised ranking system a SWOT analysis can be utilised to organise top strengths, weaknesses, opportunities, and threats which can be presented in a two-by-two grid.

Conclusion

This report evidently concludes the necessary skills, steps, and stages for an entrepreneur. Highlighting the key competencies for a successful business idea and the factors to consider through evaluation techniques and tools. I aim to use this knowledge in the future to become an established entrepreneur and make a change in the larger community. Through developing the necessary skills to refrain falling into the 22.5% of business that fail, such as improving my communication to maximise my opportunity for growth in network and marketing. Also, gaining more experience in leadership and teamwork roles so that I can gain more confidence and characteristics that will aid me in my ambition to become an entrepreneur.